Murray, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Murray, UT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Murray Housing Market Information

With a population of 49,250, 18,715 total housing units (homes and apartments), and a median house value of $278,551, Murray real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Murray, accounting for 52.11% of the city's housing units. Other types of housing that are prevalent in Murray include large apartment complexes or high rise apartments ( 26.75%), row houses and other attached homes ( 10.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.53%).

The most prevalent building size and type in Murray are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.84% owning and 36.16% renting.

There is a lot of housing in Murray built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Murray built between 1940-1969 ( 29.57%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.72%). There's also some housing in Murray built before 1939 ( 3.20%).

Murray Home Appreciation Rates

Appreciation rates for homes in Murray have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 13.19%, which ranks in the top 30% nationwide. This equates to an annual average Murray house appreciation rate of 1.25%.

Appreciation rates are so strong in Murray that despite a nationwide downturn in the housing market, Murray real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Murray appreciation rates continue to be some of the highest in America, at 10.43%, which is higher than appreciation rates in 94.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Murray. Murray appreciation rates in the latest quarter were at 2.95%, which equates to an annual appreciation rate of 12.32%.

Importantly, NeighborhoodScout’s exclusive research found that Murray's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Utah, our data show that Murray's latest annual appreciation rate is higher than 90% of the other cities and towns in Utah.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Murray differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Murray - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Murray real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$278,551

Murray, UT HOME PRICES

Value Range
> $1,264,000 0.6
$948,001 - $1,264,000 0.7
$632,001 - $948,000 3.3
$506,001 - $632,000 4.5
$379,001 - $506,000 14.1
$253,001 - $379,000 38.5
$127,001 - $253,000 29.3
$63,001 - $127,000 3.3
$0 - $63,000 5.7

High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
18.6452595804524 35.5704697986577

Number Of Homes And Apartments:
18,715

Murray Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
70.04% 3.13% 8 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,228 / per month

Homeownership Rate

Homeownership
Owners 63.84
Renters 36.16
Vacant 4.13

Housing Market Details

 

Age of Homes

AGE OF Murray HOMES
2000 or Newer 8.7
1970 - 1999 58.5
1940 - 1969 29.6
1939 or Older 3.2

Types of Homes

TYPE OF Murray HOMES
Single-Family 52.1
Townhomes 10.0
Small Apt. Buildings 8.5
Apt. Complexes 26.8
Mobile Homes 2.6
Other 0.0

Home Size

SIZE OF Murray HOMES
No Bedroom 1.14
1 Bedroom 7.47
2 Bedrooms 31.58
3 Bedrooms 26.90
4 Bedrooms 19.37
5 or more bedrooms 13.53